EDA: $1.6 Million Invested to Support Business Development and Disaster Efforts in South Carolina

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is investing $1.6 million in the state of South Carolina to stimulate private investment and help protect businesses from future severe weather events. The EDA grants, to be matched with $775,148 in state and local funds, are expected to create 278 jobs and generate $25 million in private investment.

“The Trump Administration is working hard to rebuild our nation’s infrastructure and improve economic resilience in the wake of natural disasters,” said Secretary of Commerce Wilbur Ross. “These infrastructure improvements will help existing South Carolina businesses expand, attract new businesses, and support sustainable economic growth should a future natural disaster strike.”

“EDA plays an important role in catalyzing local business development and disaster recovery and resiliency plans,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “We are pleased to support South Carolina’s business community as they work to expand and strengthen the state’s economy following damage caused by Hurricanes Irma and Florence.”

“I am grateful for our continued partnership with the Trump Administration as we work together to foster a stronger, more resilient South Carolina,” said Governor Henry McMaster. “This partnership will allow Colleton and Lancaster Counties to make needed investments in their infrastructure so that businesses can continue to grow and prosper following natural disasters.”

“Reliable infrastructure systems are critical for every municipality, and that’s particularly true for growing areas like Lancaster County in my district,” U.S. Congressman Ralph Norman (SC-05). “I’m excited about grants like this because they help fund improvements needed to accommodating business growth. In turn, those businesses bring new jobs and private investment to our area. In other words, there’s a return on our investment. I want to thank the Economic Development Administration, Lancaster County, and many others who are working hard to make this happen.”

The EDA investments announced today are:

  • Colleton County will receive $891,072, to be matched with $500,000 in state funds and $94,048 in local funds, to make water and wastewater infrastructure improvements to serve the Venture Park industrial site. The project is expected to help create 125 jobs and generate $7 million in private investment.
  • Lancaster County will receive $724,400, to be matched with $181,100 in local funds, to construct new roadway infrastructure needed to support the expansion of an existing automotive manufacturing business and future business growth. The project is expected to create 153 jobs and spur $18 million in private investment.

These projects were made possible by the regional planning efforts led by the Lowcountry Council of Governments and the Catawba Council of Governments (LCOG). EDA funds the LCOG to help bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

Leave A Comment?

You must be logged in to post a comment.